hey mike,
what do you think of this stock? volume has consistently been a problem, but way undervalued, imho. share price grows in spurts.
JWC - J W CHARLES FINANCIAL SVCS
Exchange: AMEX comp
High: 12 1/8 at 11:17 EDT
Low: 11 7/8 at 9:37 EDT
Open: 11 7/8
Previous Close: 12 on 05/12
Volume: 2,700
30-Day Avg. Volume: 10,000
Shares Outstanding: 3,728,000
52-Week High: 15.87
52-Week Low: 7 1/4
Beta: 0.33
Yield: Nil
P/E Ratio: 8.00
EPS: 1.50
Currency Units: US Dollars
S&P Comstock
JWCharles Financial Services Reports Record First Quarter Earnings and Revenues
BOCA RATON, Fla.--(BUSINESS WIRE)--May 12, 1998--JWCharles
Financial Services Inc. (AMEX:JWC) Tuesday reported record first
quarter earnings and revenues.
Net income for the first quarter ended March 31, 1998 increased
by 25% to $1,270,000 compared to $1,012,000 for the 1997 period.
Revenues reached $24.3 million for the first quarter of 1998, a 9.7%
increase over 1997's first quarter revenues of $22.1 million.
On a per share basis, the company reported basic per share
earnings of $0.34 for the first quarter of 1998, a 14% increase over
1997 basics per share earnings of $0.31. On a diluted basis, the
company reported $0.30 in per share earnings, an increase of 12% over
1997 diluted earnings per share of $0.26.
Commenting on the record first quarter results, Marshall T.
Leeds, president and chief executive officer stated that: "We are very
pleased with our first quarter results and look forward to carrying
our momentum through the remainder of this fiscal year. During the
first quarter, we launched our first ever television advertising
campaign designed to enhance our marketing efforts, expanded both our
recruiting and marketing departments to support our growing branch
network and added several industry veterans to our already talented
management team."
Leeds added: "We have already taken steps to coordinate our
research, trading, sales and business development efforts in
anticipation of the mid-June closing on our acquisition of Genesis
Merchant Group Securities Inc. We expect that these efforts will
result in greatly expanded investment banking activity in the third
and fourth quarter of this year and increased recruiting, sales and
marketing activities as well."
JW Charles Financial Services Inc. recently recognized by Forbes
Magazine as one of America's 200 Best Small Companies, provides a wide
range of financial services to individuals, businesses and other
brokerage firms through its wholly owned subsidiaries, Corporate
Securities Group Inc., JW Charles Securities Inc., JW Charles Clearing
Corp., JW Charles Capital Corp., JW Charles Insurance Services Inc.
and DMG Securities Inc.
Certain statements in this release regarding the company's
expected future business and prospects constitute "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements are based upon
current expectations and involve certain risks and uncertainties that
could cause actual results to differ materially from any such
statement, including risks and uncertainties discussed in the
company's 1997 Annual Report on Form 10-K, as amended, which
discussions are incorporated herein by reference.
JWCharles Financial Services Inc. and Subsidiaries
Consolidated Condensed Statement of Income
(Unaudited)
Three Months Ended March 31,
1998 1997
Revenues $ 24,273,000 $ 22,132,000
Income before income taxes $ 2,042,000 $ 1,586,000
Net income $ 1,270,000 $ 1,012,000
Net income per common share:
Basic $0.34 $0.31
Diluted $0.30 $0.26
Weighted average shares outstanding:
Basic 3,715,894 3,505,000
Diluted 4,300,695 3,856,938
CONTACT:
JWCharles Financial Services Inc., Boca Raton
Margo Vuicich, 561/338-2721
KEYWORD: FLORIDA
BW1243 MAY 12,1998
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